January 9, 2017 / 9:21 PM / 6 months ago

BRIEF-Williams and Williams Partners announce financial repositioning

2 Min Read

Jan 9 (Reuters) - Williams Partners Lp -

* Williams and Williams Partners announce financial repositioning for long-term, sustainable growth

* Williams and Williams Partners to reset payouts

* Williams Partners' quarterly distribution for quarter ending March 31, 2017 expected to be reduced to $0.60 per unit

* Says to permanently waive incentive distribution rights

* Williams' quarterly dividend to be paid in March 2017 expected to be increased to $0.30 per share

* Expects to purchase additional newly issued units of Williams Partners in a private placement

* Williams expects to fund unit purchase with equity

* Expects to discontinue participation in Williams Partners' drip program, upon successful completion of deals, asset monetizations

* Expects to purchase newly issued common units of Williams Partners at a price of $36.08586 per unit

* Dividend coverage ratio at Williams will be approximately 1.3x in 2017, with continued coverage in excess of 1.1x thereafter

* Williams has identified other select assets that do not support company's clear strategy

* For Williams Partners, sees FY 2017 net income $1.7 billion Source text for Eikon: Further company coverage:

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